If you’re getting ready to retire, you should feel confident that you’ll enjoy the lifestyle for which you’ve so carefully planned. When converting your retirement savings to a Registered Retirement Income Fund, it’s important to make decisions that are right for your particular situation.
A RRIF earns money from investments, just as your RRSP did, and it is the most flexible retirement income option available. It is mandatory to convert your RRSP savings to a RRIF at age 71. Canadian Revenue Agency requires that you receive at least a minimum payment from your RRIF each year, but beyond that, your RRIF can be completely customized to meet your personal goals and budget requirements. If you’re 65 or older, you can withdraw up to $2,000 per year from your RRIF tax free. You only pay taxes on funds that you remove from the RRIF plan.
You’ve worked hard. It’s time for someone to take care of you. Give us a call and we’ll help you maximize your hard-earned savings.